Just need to vent. I registered my little craft business last month, all excited. Nobody told me about the annual report fees, the registered agent renewal, the business license renewal every year, and now my insurance is going up. It's like a subscription I didn't sign up for. Did anyone else get blindsided by this?
Running Costs
I wish someone had explained the ongoing costs before I registered
Oh yeah. The annual report fee was a fun surprise. I thought it was a one-time thing.
Not to be that person but... it's all on the Secretary of State website. Took me like 10 minutes to find the fee schedule befOre I filed. Did you not look?
I looked at the filing fee. That's it. The rest wasn't exactly front and center.
The registered agent one gets me. Mine auto-renewed and I didn't even notice until I saw the charge. Sixty bucks I could've spent on actual supplies.
Fair enough. I just remember being obsessive about it because I hate surprise fees. But I get it, the info is scattered.
Wait until you fibnd out about the annual franchise tax. That one hurt.
lol @ 'subscription I didn't sign up for.' accurate.
I've been running a small woodshop for six years. My advice: make a spreadsheet of every recurring cost and put the renewal dates in your calendar with reminders two weeks out. Saved me from late fees twice. Also, check if your state has a small business ombudsman or something. Some states are better than others about sending reminders.
Six years and you still call it a small woodshop? Respect.
The franchise tax thing is what I'm afraid of. Is that separate from the annual report?
Depends on your state and entity type. In mine, yes, separate. In some states they're combined. Worth calling your state's business hotline and just asking. I did and the person was was actually helpful.
Also if you're a sole prop you might not even owe franchise tax. Don't panic before you check.
This. I know a guy who paid it for two years befo re realizing he was exempt. Don't be that guy.
I was that guy. Not franchise tax but a permit I didn't need. Still bitter.
Okay so spreadsheet, call the hotline, don't assume I owe everything. Got it. The hotline thing never occurred to me, I'll try that.